That’s exactly the case, according to data from HousingTracker Department of Numbers as reported by the folks at Calculated Risk.

HousingTracker is reporting that inventory in the 54 metro area is down 17.5% from the same week in 2010. If this adjustment is close, existing home inventory is now below the levels of late 2005 – and that is when inventory started rising sharply.

Again, this is visible inventory — the property that’s listed in an MLS. It’s not taking into account the shadow inventory lurking behind the scenes, which may come into play in a big way. But what’s on the books has declined significantly from 2010 to 2011 (listings are down 14.5% in Virginia Beach, for example).

When NAR releases its revised figures for sales an inventory, we’ll be able to see if they confirm these data. Stay tuned.

Click here for the full Calculated Risk post.